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will join us coming up. but it is time for stocks as we do every 15 minutes let's head to the floor of the new york stock exchange. stocks are climbing higher after the two-day drop. sandra: they did not start out that way, there was fear we would have another dramatic selloff today. now we are somewhat up from about 61 points. that is not exactly a rally. bouncing back a little bit ahead of the weekend, but still the worst two-day drop in a year, 434 points loss over that wednesday and thursday. as we face a fiscal cliff, consumer sentiment one piece of economic data that came out today better than expected in november hitting a five-year high, getting a little bit of a boost in the stock market. wholesale inventories 1.1% in september, above expectations, that is adding a bit to the rally as well. they're helping us to recover from those big losses that we saw on the week. we will see how things close, still a couple of hours to go in the market has proven to be very volatile. back to you. lori: indeed. with the election behind us, and fiscal cliff taking center stage. once away f
renowned for the use of social networks but this time maybe it outdid itself. the president urging americans to tweet their support for using the hash tag mo farah, as in my $2000, raised taxes on somebody else. now my2k has become a way to trash obama and cheering at the democrats. they been acquired sponsorship rights for my2k, they often see paid messages opposing the obama tax hikes. they run the gamut. some talk about the sudden switch to now playing up keeping tax cuts for everyone else. others make fun of my2k origins. a few samples. obama irony, same people who claimed bush tax cuts are only for the rich now argue to keep them because they help the poor. and there is this one. my2k should really be somebody else's two k. they can government not to take their money and say take it from someone else. and then there is this one, y2k was caught by programmers failing to limit code 24 places. speed was caused by americans failing to limit obama to four years. back to you. melissa: thank you so much, thanks they want to tweet hash tag bad ideas. thank you, dennis. lori: what is g
secretary. home prices keep climbing. your professor will tell us if that streak can continue. connell: at the top of the hour, stocks now. good morning. it is nicole petallides on the floor of the new york stock exchange. nicole: good morning, dagen and connell. a big piece of news here. this is obviously a big deal. ninety dollars a share. you can see how the stocks are faring. this will create the second largest package food company. you can see the upside. conagra is up about 4% there. obviously, big news on that. the dow today down 41 points. he regained 3.3%. today we have come under pressure. the s&p and nasdaq also down. there is a loss of about 40 points. yesterday we lost about 42 points. short-term pullback is pulled back. dagen: thank you. if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know,
together. it is sort of saying this silver lining is in sight and that gave us a boost here on wall street. 12,471. our heart of the day was 12,602. not far off from yesterday's. you are seeing some financials here. they are trying to move along. jpmorgan was in the red earlier today. bank of america. some of the financials are still in the red. citigroup, goldman sachs, case-by-case. it is not a blanket of of arrows across the board. it still remains. it is something they have to contend with sooner than later. melissa: breaking news right now. the fire is now out at the offshore oil platform. that is in the gulf of mexico. there was an explosion just after 9:00 a.m. eastern. it was about 20 miles off the coast of louisiana. at this time, the coast guard, look at that, the coast guard cannot confirm any deaths. two people are missing and nine people have been flown to local hospitals. we will bring you the very latest just as soon as we learn it. lori: bp is so fresh in everyone's memory still. president obama meeting with congressional leaders. it is all we are talking about these days.
the election rattling investors in the u.s. europe moving to the front burner once again. we talked about this yesterday being the cause of all this volatility in the u.s. market. warning the economic slowdown hitting germany, the euro's own partisan healthiest economy. investors wait for a vote on another unpopular austerity package,,deep spending cuts so they can get the next round of eight. the measures are expected to pass by a narrow marrin. already showing their anger, all shut down for a second day. police using tear gas against the demonstrators. tracy: and clearly we are seeing that the market. rolling over when the market closed. part of it is down. now that the election day has ds come and gone and the government rings virtually unchanged, congress should be able to work with differences. peter barnes has brought himself back to washington. it is like dÉjÀ vu all over again, isn't it? >> yeah. we just heard from democratic leader harry reid in a press conference in the last hour. he was sounding conciliatory kind of. >> everything within my power to be as conciliatory as poss
important instrument for us, and we'll be using that at some point, at the appropriate time, to begin to tighten monetary policy. now, you're talking about the other direction, why not just cut it to zero, pay no interest on excess reserves, and thereby, get more accommodation? well, it's something we've considered repeatedly, and we continue to consider, and i don't rule it out as an action in the futtre, what we do is the following. if we were to cut the interest rate from 25 basis points to 0 #, our estimate is it affects short term interest rates, like overnight rates, on the order of eight or nine basis points, extremely small amount, in turn, having a smaller effect on loans like housing loans or auto loans ect.. the stimulated agent -- act of that action is small, but on the other hand, the concerns we've had or some have had is that if there is no return on institutions, money market funds, repo markets and so on could be liquid because there's little incentive to act in the markets when interests pay zero, why not just hold cash or fallow reserves? so the concern is that, per
's call of duty, heading up to capitol hill to broker a debt deal. dagen: u.s. embassy closed in cairo amid protests, of bid muhamed morsi's power grab. connell: can you hear me now syndrome, wireless carriers are ranked on their performance. we will have the worst and the best. dagen: stocks now lend every 15 minutes, nicole petallides at stock exchange with economic news this morning. is that what is giving the market a lift? nicole: we have a lot going on here. we have jobless claims for the second week, that is good news, you saw growth in economy and in the last few moments we moved higher and we are positive for the week. when you check it out and industrials we are up 44 points and most of those names on the dow are in the green, names like hewlett-packard and caterpillar and bank of america and united healthcare doing well. the fiscal cliff headline after headline continues to be in the forefront and on everybody's mind that this is what we are seeing, a decent market and the u.s. dollar being weaker today has been a factor in the strength we are seeing as well. connell: treasu
it in nine years. >> more economists coming around the u.s. economy in recession. economists looking at recession and that is the key, lackluster growth. reports making rounds on wall street, indicating we could see more slowing around the bend, with more on what they're hearing here is a liz macdonald with the bottom line. if you listen to these economists everyone is resetting their expectations. >> seeing four of ten, only 4 of 10 have been their sales estimates. that is not a good number. and other data from the same louis fed, very controversial study. they are -- their preliminary data is flashing fire engine red alarms and a recession is around the corner. the second or third quarter, a third of the gdp growth came from government spending on things like defense the we're seeing 227 stocks in correction mode, apple, google and microsoft and we are seeing a big indicator cutting signals, the number of companies that are cutting -- we are seeing a big tax increase of obamacare, in the fiscal cliff, but when you look at data from the s&p you see the u.s. economy entering recessio
by storm. struggling to get the fiscal cliff deal done. joining us, senior vice president of washington research, thank you for joining us. >> thank you. melissa: what do you read of the bits coming out, how do you think it is going the closer we are to reaching a deal. >> we are still weeks away from a deal. we will get something before christmas, but look at the thursday, friday, saturday before christmas. you look at the public statement, digested a little bit and kind of figure out what is going on behind the scenes. there have been talks going on behind the scenes, just don't thinthink they have all been as productive as we would like them to be yet. the real negotiating just beginning to pick up now. melissa: it seems like they're looking under every rock for more revenue. we were hearing about federal gas tax, talking but obviously raising taxes on anyone who makes more than $250,000 but you don't hear anything serious about cutting spending or entitlement or anything. >> i think the white house thinks we are in a better place than they were a year and a half ago so they're stayi
in, tom. >> no problem. thanks. dagen: joining us now also on the phone with more is new york congressman mr. charles wrangle. >> i am in my office answering the phone trying to get help to my constituents. we are so fortunate when i see the tragic events that have taken place with my neighbors on the long island and new jersey. dagen: tell us what problems your constituents are seeing the folks up there did not lose power either spin it some of the elevators are now back online. we lost a lot of vehicles that those people were unfortunate to have their grudges flood. we are helping people wherever we can. every day it will improve. i am so proud that every time there is a crisis we can reach down and find that thing that brings us together. dagen: congressman, what is the greatest need in terms of the overall city? >> say that again. dagen: where is the greatest need? >> oh, my god, people who have lost their homes and all of their possessions. they've lost the streets, stores, hopes, there is so much pain involved. if we did not have fema and the coordination between all the
of it and instead of that, put in place spending cuts and tax increases getting us six months into the middle of next year. i want to hear from both of you. you agree with a temporary measure to avoid the big decisions that need to be made. >> the answer to the fiscal cliff reaching a long-term deficit deal, now we need to let the political dust settle. there is a way to listen together and find some common ground. 80 ceos gave their recommendations. that will be the fair and balanced approach moving forward and something we will all be working in focusing on in the weeks before the end of the year. dagen: avoid a big picture by the end of the year. >> some broader outlines, what it will look like. i want to mention the fiscal cliff remains. there will be little incentive for us to negotiate and to compromise at the end of the day. even though president obama win a big electoral victory, still a popular vote, still divided government will have to cooperate with each other to reach that kind of agreement. dagen: certainly reaching over to you, but answer that question about would you be compar
will adjust the election. ken burns is with us today. dagenn the footrace investigation. he said 30,000 e-mails to that tampa woman who triggered the fbi probe. connell: the president kicks off his fiscal cliff meetings with labor leaders. those readings are happening in this very hour. let's talk about stocks now as we do every 15 minutes. nicole petallides starts us off from the floor of the new york stock exchange. nicole: market picking up some steam. first i want to take a look at a mover and that is a k steel. they have come out with their numbers. the prices will likely decline. the steel company is under some pressure today. it is down over 8%. you can see here, right now, it is under some pressure. i want to take a look at the broader markets. the dow jones industrials at 12,884. still not at 13,000. we have lost some key levels that everyone was looking four. at the same time, we just got a pop here in the last half hour. do not forget, you have seen selling three weeks in a row. the 26th of october, almost a 2% loss. back to you. connell: thank you. dagen: the bush tax cuts exp
to get tough with the congress. the commomeantime a message in . telling us what is next. no incentive to improve. new york governor says the lack of competition in the utility industry led to a post sandy disaster. and when is all this going to end? frustrated drivers want some answers. we will see if they get any today. we have stocks every 15 minutes. sandra smith after new york stock exchange with a little bit of green today. sandra: a little bit of bounce back but not much of one after the selloff post election the last two days. the dow up about 17 points. green arrows across the board. gold is up, oil is up, getting a little bit of a bounce in the markets selling off after the election. this stock not getting a bounce back. jcpenney down in today's sessions. a 3% loss for the company after a narrower than expected loss for the quarter. sales missed estimates getting hit hard today, the number for r worst performer in the s&p 500. that turnaround not working, still looking at the results. connell: as the market has told him, this fiscal cliff is a big deal. rich eds
, david asman. the holiday shopping rush is on. toys "r" us, one of the several big name stores opening last night. did it work? the chairman and ceo of toys "r" us is here. big labor bearing down on wal-mart out prozesting when they will get the most attention, of course. will it hurt sales at the country's largest private employer? if you can stomach anymore travel after the holidays, bestfares.com's ceo says there's wild and crazy deals straight ahead. he is here. top of the hour, stocks now and over 15 minutes, report gray on the floor. robert, triple digit gain, baby. >> you got it. the traders calling it a meltup. light volume today, a shortened day, the bell ringing at 1 p.m. eastern time. we are seeing 110 point gain on the dow, creeping up on 13,000 again, s&p at 1400. they are higher at one time or another during today's trading session. industry groups higher as well. in fact, at one point, saw just one or two stocks and s&p 500 lower on the day. what you see as the traders say, don't buy, and seasonality in play here. we talk about that before the open today, about how the d
romney is better for business. we're up 81 points. connell: bill richardson and joining us first of former democratic governor of new mexico. good to see you. look at the day dead the slight edge to obama's but what do sure biggest concern today? what is the biggest worry? >> turnout that the election operation is not up to par but i think it is. the hispanic states will cover the president and he will be reelected. nearly 290 votes with the hispanic vote over 70% once again it is a turn out issued to make the difference. connell: you think nevada colorado go to obama and he still wins ohio? >> yes. i am not perfect but the hispanic vote, obviously the storm is a massive tragedy to slow the governor's momentum. the president looked presidential. those two factors will make the difference. connell: looking at the possibilipossibili ty is the rest of the hour but the economic course 10 the former energy secretary, gas prices every day at the all-time high on election day. that have a negative effect at all for the president? >> and not think the voters blame presidents for gas pric
: the president has been on the move but fiscal cliff negotiations are not. peter schiff is here to tell us why going over the cliff could be a good thing. dagen: the defense secretary ordering an ethics review for military officers. general david petraeus prepares to testify about benghazi in front of congress. connell: the founder of five our energy will answer questions about this report that his product may be linked to 13 deaths. and lead mcgraw on the oil market reaction to attacks in bas and the david petraeus scandal in charlie gasparino on the white house c e o meetings. dagen: so much to get to. after that computer glitch grounded its planes nationwide united airlines saying it is up and running. nicole petallides on the floor of the stock exchange. what is normal about the stock reaction? nicole: very normal stock reaction. this is a stock that started with the arrows and traded as low as 1960 interday and coming back and had a high of 2018 and all the rest of the airline stocks i have been checking, delta, up arrows, and continental under pressure today. below the 1960 we are at 197
don't know. lou dobbs with us as more congressional leaders break from the antitax pledge. and two years after the signs in cairo they look the same. mohamed morsi moves for absolute power sparking violent clashes in the streets between his supporters and opponents. but first, it is time to check stocks as would every 15 minutes, let's head to the floor of the new york stock exchange. nicole, the market is down and out on the fiscal cliff. i'm afraid. nicole: there's a lot going on on wall street. selling across the board, down 72-point at the lowest .12900, so about 40 points off of the earlier lows, however we are seeing selling from sector to sector with its banks or drugs or retail. the areas that have been pretty good our technology, semi conductors holding on, utilities giving it a go after selling off on concerns of the fiscal cliff of his utilities is a group that paid high dividends and that would be taxed heavily, however they are also viewed as a safe haven, that is why you see investments they are. after a winning week last week. the dow component mcdonald's downgraded
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sandy, and phil flynn is in the trading pits for the cme for us, and what's pushing oil today, phil? >> well, you know, i think a lot of things, but more than anything, there's a pop up in the crude contract increasing geopolitical risk, al-qaeda attack on the yes , ma'am -- yemen border, and they are there giving a market a boost, but the products rebound after getting crushed on friday. in a weird way, i guess we got to be happy about upcoming gasoline prices because it could be a sign things are getting back to normal in the northeast. price crushinged because -- crushed because of demand. that's given us a rebound in that market. heating oil, of course, the proxy for jet fuel slammed. it got hit harder than any of the oil products. it's coming back a bit as well. all in all, the market being up a little bit, maybe a sign demand could come back as soon as they start to get power to everybody on the northeast. back to you. >> interesting. thanks so much. >> thank you. >> well, the president and governor romney criss-crossing the country in a last minute blitz, no surprise. they w
networks what they're talking but it's oh, my gosh, cannot cut government spending. that is what got us the stimulus bill which was oppose posted tot down to 5.5%. lori: let's talk particulars. you referenced some middle ground possibility that increasing the threshold. what is the likelihood of that? >> i'm not endorsing that. just talking what options people are talking about. i think that is a possible middle ground position. mother possibly to think about is maybe separating out the tax rate that is imposed on business income, somebody like lebron james could pay the higher rate but those with business income would pay a lower rate. melissa: come back on soon, please. lori: another sequester, kicking the can down the road. melissa: israel expands the scope of activists to more densely packed areas. death toll nearing 100. hamas leaders calling for israel to end the attack in egypt along with turkey have stepped attempts to grover a peace fire. they're looking for a cease-fire to egypt today. israel began missile strike last week in response to a month of rocket fire from the gaza st
like the fiscal cliff situation will never end. monica crowley want to tell us what will happen here in washington. >> nobody really knows what the next move will be. both sides are pretty firm in their position. for anyone who thought that barack obama may move to the middle in his second term or be willing to compromise, we now know that is not true. connell: that is out of the window, and your view. >> yes. connell: the democrats will argue, this is nonsense. >> this is who the president is. this is what he believes. my book is complete with every single time the president has proposed a type of policy. it has evolved the same exact elements we heard from geithner yesterday. higher taxes and more spending. no entitlement reform. connell: not as much of what you think should happen, i am more interested in what will happen. the ball is now in john boehner's court. what do you think is going to happen? >> over the last four years, the republicans have tried to negotiate in good faith. even two years ago, when the first debt ceiling came up, they said they would put revenues on the t
yesterday via those sites reopen again today from 1:00 to 5:00 p.m. open for us, saturday 1:00 until 5:00 and we will keep them open as long as they are needed. we have to come up with a long-term plan for people out of their homes for months, not able to cook and find food, and we're working on that but our first concern is to meet the immediate needs of people and hope what electricity comes back to some, the population that will really need our help will be down to it more manageable size but whatever size it is i am convinced we have the resources and the drive and the management to do so. anyone who visit visit one of o3 sites will be able to take three meals and bottles of water. people should bring their own bags to carry the food and water if at all possible. to publicize their hours and locations of these homes they've handed out thousands of flyers in english and spanish and chinese in the affected areas, but officials were present in those communities and their staff going door to door to help us get the word out and we have posted the site locations on the city's website. a
leaders and corporate ceos and ceos tell us you shake hands and walk out the door. we will see what kind of activity we get out of tomorrow but a lot of activity for lori rothman and melissa frances. melissa: how you get 77%? dennis: that is what he said. melissa: it is pretty funny. love to see these devotees dennis. had back. lori: i am lori rothman. melissa: i am melissa frances. will washington play ball or just bore all? president obama kicking up a busy week of meetings for the fiscal collected a. union leaders tomorrow ceos leading up to the meeting with congressional leaders on friday. so many meetings. lori: of the talks fail could we go over the fiscal click? our guest thinks so. they will feel that the most. melissa: a major reshuffle of who is in our out. lou dobbs joins us ahead. lori: are markets reacting that of the fiscal cliff? we head to the floor of the stock exchange with nicole petallides with modest gains. nicole: a green arrow, for all those folks who have seen the market selling off with an exception. we were down over 2%. we lost some of the earlier gains an
taxes a little bit on millionaires. connell: let's go to the forbes opinion editor with us now from d.c. it will not kill the country. >> let's just hope the leadership does not follow his advice. soon enough, they will be the minority party if they do this. republicans be the rich and poor eventually think they will get rich and they do not like the idea of penalties in terms of taxes waiting for them. we are the beneficiaries in this country of the vital viewed. the last thing you want to do in this economy is raise the price of their productivity. connell: i find that very interesting of a response. you are saying they would be in the minority party if they go along with his advice which is essentially to let the taxes go up on $1 million or more instead of to 50,000. does the party take the blame for that and isn't that a bigger risk, politically? >> i do not think so. let's look at what happened on tuesday. they get the republicans in the house of representatives. that was their way of trying to say we want you to remain in control here. if the republicans pull back and raise tax
cutting spending, they are the only people that stand between us. dagen: give it up because you will lose either way. >> i will tell you something, if the republicans can do neither of those two things, if they cannot handle either of those core principles, they have no reason of being filled key parties of america. dagen: hello. that is your headline. connell: our next guest says much of this has to do with iran. k.t. mcfarland. the stock market is off to the races. seemingly unbothered by what is going on overseas. >> this is not the typical thing. this is different. this is potentially much bigger and much worse. it is all about iran. israel school and this is to take out the 10,000 missiles that are in gaza. that are capable of reaching jerusalem and tel aviv. in six months from now, they want the option to be able to have a strike and not have to have retaliation. dagen: at what point will israel or would israel said troops and? >> if they cannot get the missile. if they can take them out by air, they far prefer to do that. connell: was shook the u.s. involvement in this piece? what
petallides. of the dow was up 100 points but what about the european and use jenna? >> absolutely. ben will list noted that here in america one reason you see the cash coming to u.s. equities. but undeniably a great day. up 1% and remain there. some of the leaders include names like hewlett-packard's , united technologies, travelers, boe ing, alcoa. financials. a lot of discussion politically they're talking leaks and who is better for the market's there is conversation going on but you can take the up arrow. lori: en bereday is halfway through in florida fell line is not winding down. look of this polling site is consistently has more than 200 people of course they say it is taking hours as floridians of line up melissa francis is there. what is the take away? >> this interesting. we are an tampa, a hillsborough county. it is slow and steady. it forced officials to go to the absentee voting and% absentee? it got the job done 38% came and voted ahead of everybody else. they are getting hammered with advertisement the entire commercial block every single one. the stations must be making
will be covered by private insurance. connell: so much for us to talk about today. we also have the government's latest report on jobs. they added 170,000 jobs. the quality of those jobs, type of pay, full or part-time, those are all things we will be talking about coming up. dagen: stocks now as we do every 15 minutes. nicole petallides. nicole: good morning. we are seeing a market that has accelerated selling in this last half-hour or so. the dow is now down 52 points. the vix, the fear index, now has an up arrow. it is interesting to see how we are moving lower now going into trading as if it is really picking up some speed here. the s&p 500 is down one quarter of 1%. some names are good, some not so good. when you talk about starbucks, starbucks is a good outlook. trip advisor and other ones that came in with their quarterly reports. you see a name like travelers, for example, and that is a name that has been weighing on the dow jones industrials. monster, the energy drink, they continue to claim that their drinks are safe. back to you. dagen: thank you. connell: hurricane sandy sweeping t
commentator coming up. stephen moore joins us on his conversation with tough talking senate majority leader mitch connell. lori: this is kuwait. proving that is chump change. change that you find in the couch. it makes the golden globe. melissa: time for stocks now as we do every 15 minutes. nicole petallides is standing by. nicole: we have gone over that unchanged lines throughout the day. the dow is moving higher as are both the nasdaq composite and s&p 500. do not forget last week we saw heavy selling 300-point down days. it was the worst week in a month. it showed some conviction to the selling after the election was complete. right at the top of the show, you talked about the fiscal cliff. there certainly is that feeling. we have seen selling of dividends, utilities and telecom throughout last week. you do see some arrows across the board without arrows. jefferies stepping in. by the rest of the investment bank. sharon williams making an acquisition for 2.3 billion. when you think about pain and stuff. then there is titanium metal. $2.9 billion deal. this really is evidence of merger m
to overcome. dagen: here to tell us what he thinks about middle ground in this country. is there any middle ground? will the republicans give in on tax increases? >> well, the speaker said yesterday he was willing to raise some revenue, as he put it. maybe on the top earners, though i don't think, as was suggested, you will define the top earners as someone who makes 200,000 year or a family that makes 250,000 year. he would rather raise the level of to 500 or even a million. in return, he said he would like to restructure the tax code, make it simpler to knock down some of the loopholes and reduce the rate. i don't think the president is going to sign up for any such deal. i continue to think that what president obama and nancy pelosi and harry reid want to do is put the republican leaders in such a difficult position that they sign that the tax increases only , their for shoving a lot of the tea party out of the republican party and therefore weakening the republican party for the next four years. it will be political. connell: there is a surprise. we have had some practice. they went thr
minutes. nicole petallides watching apple for us this morning. nicole: a record launch for the apple ipad mini. either way, -- last week we were slightly to the downside. today, not too far off. however, there is certainly that wait and see attitude for two hours presidential election. dagen: old candidates making their final pushes today before before the polls open less than 24 hours from now. both candidates are in a virtual tie. in virginia, it gives the president a several point advantage. joining me now is an economic advisor to mitt romney. good to see you. can mitt romney potentially turn one of these states? what does he need to do? right now the electoral college map is not leaning in his favor. >> it all depends upon what pulls you look at. i am a businessman. i look out pulls like a look at business models. some of the polls, rasmussen, gallup, that do not allocate five parties, they just pull a large number of people. there was a poll in ohio that over pulled 9%. that same poll in virginia actually had mitt romney of 21%, but that obama above by 2%. the momentum is in mint
or are his demands unrealistic? joining us for the second today is juan williams. the president setting the republicans up to take the blame for all of this. >> well, you know, speaker boehner had a president here in washington. he is very clear that he is not trying to impose his real. he says tax hikes just are not good for the economy. that money should be invested. you are hearing, though, from the white house, we have already put in place a trillion dollars of cuts. we have something on the table. we are the republican proposals. we are talking politics in that nobody wants to go first and really lay out what they are about for fear that there will be a tremendous political consequence on things like cuts to medicare. lori: those cuts, as you know, nearly not enough. the second quarter gdp reading extremely disappointed. let's just call a spade a spade. we know hurricane sandy will shave another point or so off of growth. >> i think it is. that is why despite all of this, what i think of as process, it is a lot of posturing. it is a lot of politicking. people still remain convinced
economic data. better-than-expected jobs growth within u.s. companies adding more than 158,000 jobs last month. initial jobless claims dropped 363,000 last week better than expected. in the manufacturing sector we learned activity expanded at a faster pace than projected showing the industry is stabilizing..3 consumer confidence rose for the second month to a high not seen since february 2008. keep in mind report done before the hurricane. can we expect the stock market rally to continue? the senior market analyst at wells fargo here to weigh in. thank you for joining us. these are confusing times right before a presidential election, what are you advising clients as far as the equity market? >> hopefully they are squared up by now. traitors and a lot of investors who are in and out a lot has been squaring up for the last month. what we want our clients doing is taking advantage of pullbacks. wish we would've had a little bit of a pullback. the s&p might get down to 1370, something like that rather than just four or 5%. we could see that certainly sometime between now and the end of the
a really good shot. george w. bush used the hell out of spending four years. i don't think john boehner is ultimately interested in it. talkiig $110 billion, the smudge of potential cuts and they're negotiating it away without any entitlement. dagen: are we past the point with no return? will we become even more of a nation centered around our government that does not promote private business? will anybody ever fix this? >> we will fix it. everything is ultimately fixable, but they set up, the people at the negotiating table, what they're going to do is means test everything. means test tax rates essentially. they will have less in terms of production but we're never going to means test government until we have a different type of people in capitol hill. connell: they pass it before the end of the year. many times these things are fixable and you are forced to fix them. when the bond market comes out, the rates start going up and you say now we have got to get going. it is tough to make the argument over and over again when you are not forced to do that. >> we will not have the rates ov
in this country will pay higher taxes if the u.s. goes off that cliff. with low income families among the hardest hit. connell: charlie wrangle, congressman from new york, he is here in studio with us. >> we have to get a deal done. it would be irresponsible for congress to go forward. most people do not know that the break that they are getting is temporary. it expires december 31. do nothing and the rates automatically go up. what about the severe cuts that we will have in the budget. this is a nightmare that we created that never should have happened. now it is on the brink of happening. in my opinion, will it happen, no. we have the option to do something justice and responsible. that is kicked the whole thing off to next year. believe me, the country is facing such a terrible crisis. dagen: even if they broker a short-term deal, it goes for six months, what about the hope of overall tax reform? isn't that better to get a short-term deal and then do something more sweeping and permanent? >> i do not even want to talk about a six month deal. we have business people that need to make plans. we
gdp and we see around the world the trough is likely to be seen and corporate earnings and the u.s. are likely to be tracing out with a flat shape thinking we have come in through the slump in earnings so stick with the equity exposure. don't like to not to anticipate a big sell-off. lori: we have dividend payers with the crux of the interview with the company's moving up the payout date to avoid the likely tax is that the stock by? with an historic low interest rates? >> i think so. looking at the yield of a little more than 1.5% u.k. gilt variety of companies paying 3% or more. focus on the history of the track record of increasing their dividend and focus on those with buy recommendations. lori: do not be a big part of that is great. but look at the overall capital gains there will be fewer dollars invested or will the drama ago one slowdown because of that concern? with just fewer dollars in the market? will people hold theer cash? >> then they will lose more because they get zero% and will lose inflation. you don't sleep better at night to put your money and your mattress beca
watch this. >> you elected us to focus on your job, not ours. in the coming weeks and months we're looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. reducing our deficit, reforming our tax code, fixing our immigration system, freeing ourselves from foreign oil. we have more work to do. dagen: that was president obama during his victory speech last night stressed the need for bipartisanship. connell: former managing director at bain capital and author of unintended consequences. a friend of mitt romney's, the polls were right, your friend lost last night in the market down 300 points today, what do you make of it all? >> the online betting predicted 75% probability of an obama win so that means that 25% of the remaining uncertainty left prior to the election. it is really four times bigger if you think about it in terms of what was priced in. dagen: do you think it is part of what was maybe not getting done on time for the fiscal cliff, they are pricing in may with a greater likelihood of a recession, which
is the threshold? if that will distract us between who is rich and who is not, i think this is a big mistake. dagen: already a big bowl of brunswick stew that is unappetizing. will it become even more inedible kraft do you think they can get tax reform done maybe within the next year? >> i think it is possible. when it comes out, it will be even more complicated. that is the real risk here. simplifying the tax code, keeping those marginal tax rates low. let's not create a worse in the distortions that already exist in the tax code. dagen: great to see you. take care. we will see you soon. connell: there it is. closing loopholes with norquist. we consider that a tax hike. dagen: lindsey graham. you made the point. loud and clear. a lot of people backing off. connell: backing off the pledge. people will be losing their benefits at the end of the year if congress does not act now. dagen: the money game for the holidays. americans are sitting at their computer screens, not working, looking for the perfect gift. take a look at oil. see where it is trading today. oil is at $87 a barrel. connell: eight qu
want clinton type of tax rate that we had back in the 1990s, okay, give us that clinton type of error. in return, we want spending levels proportion to the economy. repeal obamacare. republicans should go on offense instead of just letting the democrats define the terms of debate. dagen: do you think that all of the tax rate should go up? >> no. no. dagen: just for the wealthy, you are talking about. >> i do not want any tax increases. critics will say: oh, you are just kicking the can down the road. fine, that will help save the economy. that things will happen. connell: just in terms of perspective, the economy and numbers we report every day, you could make an argument that things are getting a little bit better. the housing data is turning around. some people say time heals wounds. >> all the more reason not to hurt the economy. there are numerous new regulations coming under obamacare. that will hurt. you have numerous regulations coming from dodd-frank. that will hurt. put them to the third degree. why in the world do you want to pile that on with new taxes? connell: do nothing
, thank you. setting us up great for our next guest. time is money. if you are sitting on the sidelines, you could be losing out big according to our next guest. a fourth round of using maybe just another -- kind of buried in all the chatter from the president's press conference yesterday. we know we have an open ended policy, but the direct commentary on a qe3 is really interesting. are the investors missing the mark? >> investors are busy with the cliff and they should jump off the cliff and on the way down they should take a look at the fed because the fed is more predictable than it has been since world war ii. we know rates will be low, low, low, four years. we know the president appoint the governors of the fed and he has a senate will confirm his appointees. the policy will survive bernanke. if you knew and believed in your heart of hearts that the ten-year treasury yields will be 1.5 or one and three quarters for the next ten years, would you ignore the stock market? i do not think so. melissa: that is not what is dragging the stock market right now. if you raise that, you have
are there doing nothing, still they're the ones who helped get us into this mess. now they are back. let me ask you about one more thing. we keep hearing about companies like wal-mart paying dividends before the end of the year, realizing dividend taxes will go up, people can click ahead of time, same thing we are hearing about bonuses. it is easy to pay somebody their bonus december 25 of january 2 depending on the tax treatment. do you think that is going to impact gdp in the fourth quart quarter, that there is just a lot more cash realized, like mark peabody and we see a decline in the first quarter because of that, or not? >> the pull forward effects. that is something that is a risk, although quite honestly us economists have been marking down our fourth quarter gdp numbers, we're only now looking for growth at about 1.5% in the fourth quarter. the other thing to keep in mind is how much of that money would actually be spent, depends on how consumers are feeling. if they are feeling nervous, the equity market is really under pressure because it's getting toward the end of the year and we h
been helping keep us green, but not so much now. nicole: the dow down three quarters of 1% packing up the losses we saw last week, getting any economic news. the stock market struggling overall, but still the geopolitical concerns. the president coming out to talk about taxes and such. still worried about the fiscal cliff to name a few. the nasdaq down half a percent actually slipped into correction territory off of the highs in september. and let's take a look bucking the trend, other names have been hit hard, for example. here's a look at cisco systems coming out with the quarterly numbers, there is some good news there. lori: appreciate it. melissa: president obama's first news conference since his reelection. the white house and congress will attempt to work together, maybe, to find a compromise. peter barnes is at the white house. what do you think we can expect? >> i think we will hear a lot about petraeus, benghazi, general allen, the sex scandal, fbi, cia. all they have to do is look at yesterday's daily brief. two-thirds of it covered all of those subjects in about one third
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